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Partnership

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(Querist)
02 May 2012 We want to make a new partnership with same partners in existing partnership with almost same nature of business. If there is any benefit or not in Income Tax and if not then what should do to get benefit ? The nature is same but the turnover is becoming huge. So its better to make a new one.
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CA CKP

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CA CKP (Expert)
02 May 2012 Dear Sir,
There is no benefit to you in forming new partnership firm. It is better to form a pvt lts co if your turnover is huge.
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Amol S Joglekar

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Amol S Joglekar (Expert)
02 May 2012 The best way to take benefit of Income Tax is PAY INCOME TAX. That itself is a very good benefit.
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